Energy Minister, British FM Launch Offshore Lebanon 3-D Seismic Scan

Energy Minister Jebran Bassil and British Foreign Secretary William Hague launched on Thursday an onshore Lebanon seismic scan that will be carried out by British company Spectrum.

“We agreed with Spectrum to carry out a 3-D seismic scan,” Bassil told reporters at a joint press conference with Hague.

The minister pointed out that Lebanon's offshore oil and gas reserves will “pave way for further cooperation with European countries.”

For his part, Hague noted that this process will help in stabilizing the country and fortifying ties between the United Kingdom and Lebanon.

"I am delighted that an excellent British company is heavily involved in the beginning of this onshore survey work," Hague said.

The Lebanese are looking forward to this important step, the diplomat told reporters.

He stressed that it is important for Lebanon to use oil revenues in what serves best the country.

"This revenue, if well managed, presents incredible opportunities for Lebanon - for example, tackling the national debt, and upgrading power, water, transport and communications infrastructure," Hague added.

The Spectrum company had unveiled in 2012 that Lebanon's oil reserves off its southern coast are of the richest and best in the region.

The firm estimated that the volume of gas is around 25 trillion cubic feet.

Last week, Bassil announced the opening of the pre-qualification period for oil exploration companies interested in exploring Lebanon's offshore oil and gas reserves.

The deadline for submitting applications will be on March 28 and the Petroleum Authority will announce after three weeks the list of accepted companies then tenders will be launched, which will last until the end of the year.

The formation of the Petroleum Authority in November was the first major step in future oil exploration since parliament passed a law in 2011 setting the country's maritime boundary and Exclusive Economic Zone.

The cabinet endorsed plans in January 2012 to implement legislation that will clear the way for offshore oil and gas exploration.

In August 2011, the parliament passed a law setting Lebanon's maritime boundary and Exclusive Economic Zone.

Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus and Turkey are all much more advanced in drilling for oil and gas.

The government has warned that Lebanon will not give up its maritime rights and accuses Israel of violating its waters, territory and air space.

Lebanon has also submitted to the United Nations a maritime map that conflicts significantly with one proposed by Israel.

Lebanon argues its map is in line with an armistice accord drawn up in 1949, an agreement which is not contested by Israel.

The disputed zone consists of about 854 square kilometers (330 square miles), and suspected energy reserves there could generate billions of dollars.